Dance instructors and dance studios are not exempted from being in unlikely situations such as injury or property damages. Straight to the point, In light of this, it is only a must that both secures the proper insurance that will meet their specific needs.
A dance instructor and dance studio insurance aim to protect its employees from injuries caused by poor instruction. This may also include protection against any damage to the studio due to fire or other natural circumstances.
What is the Business Owner’s Policy (BOP)?
There are many trustworthy insurance companies that are willing to specialize in insurance policies according to your exact needs. For instance, like homeowner’s insurance, business owners can also opt for the Business owner’s policy. This kind of insurance can be quite comprehensive and is customized towards the specific industry a business belongs to. For this policy, it is expected to spend around $1,200 on a yearly basis. On the other hand, dance instructors could also look into getting professional liability insurance which costs a little bit higher than that of the BOP.
When it comes to BOP, there are no small or big business owners as both are treated fairly. It is easy to get a free quotation in a matter of minutes because some insurance companies have launched websites for easier access. However, it is important to know that there is no single insurance policy that covers all cases. For this reason, business owners like owners of dance studios may choose to get an insurance package under a BOP.
Different Coverage under BOP
There are several things that can be possibly covered if you avail a comprehensive business owner’s policy. Primarily, it has general liability coverage and protection against property damages. One of the options you may choose to include in your insurance policy is professional liability policy. Another option is protection against legal responsibilities on untoward risks like a student slipping or falling during a dance practice in your dance studio. If you want to insure your equipment from getting damaged by flood or fire, this can also be included in your business owner’s policy.
Cost of Business Owner’s Policy (BOP) and Add-ons
As in most cases, dance studio owners and dance instructors can get the best bang out of their bucks by bundling up their coverage. This will surely minimize costs as you enjoy more benefits out of your insurance policy. If you purchase a business owner policy, it is expected to cost you a minimum of $500 up to $3,500. One of the add-ons, the professional liability insurance, which targets claims from the dance instructor’s teaching and advice, can amount to an estimated additional cost of $450.
Factors to Consider
Purchasing insurance highly depends on how far you are willing to insure your business and employees. In the absence of a proper dance studio and equipment, it is likely that the cost of coverage for property damages is lower. Other things that can affect the cost of your insurance are the number of employees and your previous professional experience. After careful consideration, it is best to protect your business and employees against all possible risks and losses.